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Union Budget: Hike in Customs Duty; Gold rose, Stocks Down

In her prime Budget, the FM Nirmala Sitharaman said the customs duty on gold & precious metals will be increased to 12.5 percent from a current duty of 10 percent.

Following hike in custom duty on gold, price in gold spiraled up by Rs. 590 to Rs 34,800 per10 gram in New Delhi. 

With the aforesaid hike in customs duty on gold precious metals, the Gold and its peers are set to turn costlier in the Indian markets.  In the national Capital, gold of 99.9 percent purity priced at Rs. 590 to Rs 34,800 and for 99.5 percent purity, the price goes to Rs 34,630 per 10 gram. Meanwhile, silver price declined in price by Rs.80 to Rs.38,500 per kg.

On stocks, after presenting the Union Budget2019-20, Indian shares sunk in the week ended Friday as the Budget-failed to elevate the mood of investors.

The BSE Sensex dropped 395 points lower at 39,513 levels with the YES Bank, NTPC and M&M being the top losers. The Nifty50 index tanked 136 points to end at 11,811 levels, as Union Budget fail to cheer investors.